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Steve Dechert

Vice President and Equity Research Analyst at Keybanc Capital Markets,inc /oh/

New York, NY, US

Steve Dechert is a Vice President and Equity Research Analyst at KeyBanc Capital Markets, specializing in healthcare services and medical technology research. He has recently covered companies such as Absci Corp and LifeStance Health, including issuing a notable $9.0 price target and 'Overweight' rating for LifeStance Health in April 2025, reflecting a strong engagement with earnings calls and coverage in this sector. Dechert's career includes multiple years of research experience, with industry registration as a broker at KeyBanc Capital Markets and a FINRA record under CRD# 6745454. He holds pertinent securities licenses and has previously served as a registered investment adviser, underscoring his professional credentials and regulatory standing.

Steve Dechert's questions to AbCellera Biologics (ABCL) leadership

Question · Q3 2025

Steven Dechert asked about the benefits of ABCL 635 compared to existing hormonal treatments for hot flashes and whether any molecules currently in development would directly compete with ABCL 635.

Answer

Carl Hansen, AbCellera's President and CEO, clarified that ABCL 635 is positioned as an alternative to menopausal hormone therapy (MHT), addressing women with contraindications or tolerability issues. He acknowledged existing competitors like Veozah (Astellas Pharma) and elinzanetant (Bayer) on the market, expressing confidence in ABCL 635's potential for differentiation in dosing, safety, and efficacy.

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Steve Dechert's questions to Absci (ABSI) leadership

Question · Q2 2025

Steve Dechert of KeyBanc Capital Markets asked about Absci's capacity for additional partnerships following the Almirall expansion and requested an update on the HIV collaboration with Caltech.

Answer

CFO Zach Jonasson assured that capacity is reviewed quarterly and that the company is well-positioned for new partnerships, aided by efficiencies from its AI platform. CEO Sean McClain reported no new updates on the Caltech HIV program, stating it is progressing well and is currently in Caltech's hands for their portion of the collaborative work.

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Question · Q2 2025

Steve Dechert of KeyBanc Capital Markets asked about Absci's capacity for new partnerships following the Almirall expansion and requested an update on the Caltech HIV collaboration.

Answer

CFO & CBO Zach Jonasson stated that capacity is reviewed quarterly and is sufficient for current and new partnerships, partly due to AI-driven efficiencies. CEO Sean McClain reported no new updates on the Caltech HIV program, noting it is progressing well and is currently with Caltech for their portion of the work.

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Steve Dechert's questions to LifeStance Health Group (LFST) leadership

Question · Q2 2025

Steve Dechert of KeyBanc Capital Markets asked about the timeline for realizing cost benefits from new AI tools and requested an update on the company's new EHR selection process.

Answer

CEO David Bourdon explained that AI tools for revenue cycle and scheduling are already contributing to efficiency and quality, driving long-term operating leverage rather than immediate, large cost reductions. He noted that the AI for clinician documentation is primarily aimed at improving satisfaction. He added that a decision on a new EHR is expected in the second half of 2025.

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Steve Dechert's questions to Certara (CERT) leadership

Question · Q2 2025

Steve Dechert of KeyBanc Capital Markets asked for specific reasons behind the slowdown in Tier 1 software renewals and inquired about the profitability profile of the QSP business relative to Certara's other offerings.

Answer

CFO John Gallagher attributed the Tier 1 software issue to the quarterly lumpiness of bookings and expressed high confidence in second-half renewals. Regarding QSP, he noted it is currently a services business with a typical services profitability profile and mentioned the upcoming launch of Certara IQ, a software product for QSP.

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Steve Dechert's questions to LifeMD (LFMD) leadership

Question · Q2 2025

Steve Dechert of KeyBanc Capital Markets questioned the company's refund policy, the reasons for a higher refund rate in the quarter, and whether LifeMD still facilitates prescriptions for personalized (compounded) GLP-1s.

Answer

CEO Justin Schreiber described the refund policy as 'extremely liberal,' offering full refunds to patients who cannot access or afford therapy. He attributed the higher rate to the high cost of branded GLP-1s, which leads some patients without insurance to seek cheaper alternatives. He confirmed that providers can still prescribe personalized GLP-1s to third-party pharmacies when clinically appropriate.

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Steve Dechert's questions to Talkspace (TALK) leadership

Question · Q2 2025

Steve Dechert from KeyBanc Capital Markets asked about changes in marketing spend allocation and recent trends in reimbursement rate negotiations with payers.

Answer

CFO Ian Harris noted no material changes in core marketing allocation but mentioned testing new channels for Medicare and military audiences. CEO Jon Cohen stated that payer reimbursement rates are renegotiated every few years and, having recently completed a cycle, he does not anticipate any significant negotiations within the next year.

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Question · Q2 2025

Steve Dechert from KeyBanc Capital Markets inquired about changes in marketing spend allocation and trends in reimbursement rate negotiations with payers.

Answer

CFO Ian Harris noted no material changes in core marketing allocation but mentioned testing new channels for the Medicare and military populations. CEO Jon Cohen stated that payer rate renegotiations occur every few years and nothing significant is expected within the next year.

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